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Italian energy giant Eni has discovered a new gas field in Egypt amid hopes that the country is on its way to becoming a regional energy hub.
The company announced the new find. discovered in the country`s Western Desert. on Thursday. and said it was studying the reserves. along with others found nearby. to increase the country`s gas production.
A decade ago. Egypt was a net exporter of gas. but years of political instability and mismanagement left it to import gas for its rising population starting in 2012.
But with new discoveries in recent years – including Eni`s Zohr `superfield` find in July 2015 – the country has been predicted to become an exporter once again as early as next year.
In late June. Egypt`s petroleum minister. Tarek El-Molla. said that the country might stop importing liquefied natural gas by the end of this year.
`The exports of Zohr gas field. as well as other gas fields` production. will start early next year.` El-Molla said. `I don’t think there will be more tenders. I think this is it. Local production should cover our needs.`
Egyptian Petroleum Ministry spokesperson Hamdy Abdel Aziz told news website Al-Masry Al-Youm that the latest Eni discovery confirmed that the desert area is promising for gas production.
A network to transport the gas has already been established. allowing the newly discovered gas to be easily transferred. he said.
Aziz also said the country is currently producing around 6 billion cubic feet per day. which would be a record high for recent years. according to BP energy statistics.
